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Other Initiatives from FIA Tech

PDF Rate Schedule Digitization Initiative

In 2016, FIA Tech began communicating with all firms using the EGUS (now Docs) system regarding a mandatory Digitization project aimed at converting PDF rate schedules into an electronic rate format (eRate). The purpose of digitization is to help firms create a centralized rate schedule repository in Docs in order to improve and strengthen downstream brokerage settlement systems. Firms were encouraged to start the digitization process internally, and FIA Tech provided a series of live webinars to help firms adopt and learn to use electronic rate schedules. FIA Tech also partnered with eClerx to offer a cost effective and efficient way for firms to convert their PDF rate schedules into eRates.

For those firms opting to digitize in-house, an original goal was set to have pdf rate schedule digitization completed by Q1 2017. After that, FIA Tech communicated that an assessment fee of $40 USD per executed standard give-up agreements with only a PDF rate schedule and no waiver would be assessed to the Executing Broker party on the agreement. The digitization completion date was subsequently extended to the end of Q2 2017 to give firms more time to convert their rate schedules.

At the end of Q2 2017, FIA Tech implemented the PDF Rate Schedule Digitization Assessment to all Executing Broker parties who have not already digitized their rates and who are not working with eClerx. This assessment will be used towards the digitization process provided by eClerx on behalf of all parties on an agreement without eRates.

Please review our FAQs for answers to commonly asked questions about the digitization process and the assessment. Firms can also email FIA Tech with further questions at: digitization@fia-tech.com.

PLD Enhancements for MiFID II

In January 2018, commodity derivatives traded in European markets will be subject to new position limit monitoring requirements as part of the MiFID II regulations. As a result, PLD is being enhanced to account for all impacted products and exchanges. FIA Tech Data Analysts are in constant communication with ESMA regulators and exchange to ensure that upcoming rules are relayed to PLD subscribers and incorporated into the data feed.

As part of the wider industry effort to streamline brokerage processing, FIA Tech will be introducing mandatory electronic rates (eRates) in EGUS with the deployment of the EGUS 3.5 release in March of 2016.

In response to the industry effort towards reducing aged brokerage and increasing the efficiency of the brokerage settlement process, FIA Tech will make electronic rate schedules standard for Give-Up Agreements executed in EGUS. This feature will be introduced with EGUS 3.5, which is currently scheduled for deployment on March 11th, 2016. Mandatory eRates will apply to any agreement executed after EGUS 3.5 is implemented; existing agreements with PDF rate schedules need not be changed before this date.

A An eRate is a rate schedule within EGUS that is stored in an electronic format. An eRate can be built either directly in EGUS, or via the eModule, which is an EGUS-supplied Excel spreadsheet built to construct rate schedules to be uploaded into EGUS as eRates.

Q Will there be any documentation to help firms prepare for mandatory eRates?

A Yes. FIA Tech has developed documentation to help firms use electronic rate schedules. This includes an eRate Guide and training modules as well as webinars to assist people in using the electronic rate format. Please refer to our EGUS Documentation page for further information.

Q What do I need to do to prepare for EGUS 3.5?

A While rate schedules can still be attached to agreements in pdf format until the deployment of 3.5, in order to facilitate the transition to eRates FIA Tech recommends that all firms:

Review their existing agreements to determine which historic pdf rate schedules to convert to eRates.

Q Why make eRates mandatory?

A In contrast to PDF rate schedules, eRates can feed downstream systems that settle brokerage such as eGAINS and GPS, or firm systems. Brokerage calculations based on PDF rate schedules cannot be automated and must instead be done manually

Q What can be done if the eRate format cannot accommodate a rate type?

A As part of EGUS 3.5 you will be able to contact FIA Tech directly to assist you with these unique conditions.